Smart Network to take the initiative to withdraw its American depository stocks from the NASDAQ Global Select market

Nasdaq:lton announced today that it intends to withdraw its US depository shares from the NASDAQ Global Select market and then revoke the registration of common shares of the company under the 1934 amendment to the US Securities Exchange Act.

It expects the company to submit form 25 documents to the US Securities and Exchange Commission (SEC) around January 2, 2014 to take the initiative to retire its US depository stock, and expects the company to formally withdraw from the NASDAQ Global Select market 10 days after the date of submission of the document. According to the 1934 amendment to the Securities and Exchange Act of the United States, the network will continue to accept the reporting obligations before the formal withdrawal of the restrictions.

After the delisting, if the network can continue to meet applicable legal requirements, the company will take the necessary measures to revoke its common stock registration, and to terminate the 1934 United States Securities Exchange Act amendment to the reporting obligations. This revocation process is expected to take place in January 2014.

After the US depository stocks withdrew from the Nasdaq Global Select market, the Smart network predicts that if market makers are committed to making market deals for their shares, their US depository stocks may be quoted in the Pink OTC harsh e-quote service. The powder market is an electronic network in which broker-dealers can conduct market transactions and sell the issuer's shares. However, the network cannot guarantee that its US depository shares will continue to be traded on the powder market.

Moreover, once the US depository stock in the network is no longer traded on the Nasdaq's Global select market, its liquidity may weaken, which could have a negative impact on the price of the US depository stock in the smart net, making it harder for its holders to sell.

The network is also listed on the Australian Stock Exchange (ASX). Holders of American Depository shares who do not want to trade on the powder market can convert their holdings of American depository shares into CDI (CHESS depositary Interests) to trade on the Australian Stock Exchange.

After careful consideration, the Board decided to retire the company's US depository stock from the NASDAQ Global Select market and revoke its common stock registration, because the Board considered that the savings would benefit shareholders. After the delisting, the network does not need to fulfill the reporting obligations of the Securities and Exchange Commission, so that it does not have to bear the annual accounting and judicial costs and administrative burden, so the company believes this will be able to reduce the cost of the role, while still maintaining appropriate financial controls.

The smart net believes that these changes will enable it to better focus on the company's business.